Micron Tech (MU) 35.93 -2.05: -- Update -- Company and Infineon Technologies (IFX) announce agreement to co-develop a new multi-generational family of Reduced Latency DRAM for high-performance memory applications; see press release.
Integrated Circuit (ICST) 16.23 -0.47: Earlier this morning, JP Morgan initiates coverage with a BUY rating and a 12-month price target of $25, citing attractive valuation.
PUMATECH (PUMA) 3.69 -0.26: CIBC Wrld Mkts reiterates BUY; notes that while they remain cautious near term, shares represent an interesting long-term opportunity; lowers price target from $15 to $10.
Barr Labs (BRL) 67.60 -0.65: Company announces that it has received FDA approval for its Norethindrone Acetate Tablets, the generic equivalent of ESI Lederle's Aygestin tablets; BRL plans to launch the product in June; see press release.
Mylan Labs (MYL) 31.19 -0.04: Buckingham Research downgrades to NEUTRAL from ACCUMULATE to reflect strong share price appreciation over the past quarter nearing firm's $33 price target.
IBM (IBM) 112.42 -2.85: This morning, CSFB discusses implications of SUNW's warning yesterday after the close; says there are a few points of differentiation that need to be made: First, IBM did gain share in the US Unix market - (added 5 to 6 pts a shr) and notes that International numbers are not in yet, but, believes IBM gained share here as well. Second, unlike SUNW, IBM had very little dot.com exposure, which is now to their benefit. However firm says they view the stock as being overowned, and overpriced and $115 is a risky price to own.
Best Buy (BBY) 55.05 -4.19: -- Update -- Bear Stearns downgrades to NEUTRAL from ATTRACTIVE citing their assessment that the economic slowdown and higher energy and fuel prices is leading to sluggishness in overall retail sales; also notes that shares hit firm's 12-18 month $57-60 price target in less than two months.
McLeodUSA (MCLD) 5.52 -0.25: Company announces plans to eliminate 5% of its workforce; additionally says they expect to record a one-time charge of $6 to $8 million in the second quarter which will be more than offset by one-time gains during the same quarter reaffirms 2001 guidance; see press release.
10:00 -- 11:00 ET (Updated throughout the hour)******
Exxon Mobil (XOM) 88.74 +0.94: Declares 2-for-1 stock split, payable July 18; see press release.
Compaq (CPQ) 15.72 -0.74: Wit SoundView downgrades to BUY from STRONG BUY; firm continues to like CPQ over the long term, and thinks its valuation on a price to sales basis is attractive, however,notes that recent fundamentals checks do not support an aggressive rating on a broad hardware play such as CPQ.
Memory Market : This morning, Lehman Brothers cuts their EPS estimates on MU, STEC, and CY; firm says they continue to believe that the stability seen in the memory market in Q1 had more to do with inventory replenishment than with a sustainable pickup in demand; for MU firm leaves Q2 alone, but cuts MU's FY01 EPS to $0.25 from $0.50; lowers Cypress' Q2 estimate to $0.01 from $0.05 and for CY01 to $0.21 from $0.35; for STEC, lowers Q2 EPS to a loss of $0.05 from a positive $0.01.
eBay (EBAY) 62.19 +2.44: This morning, Prudential reiterates BUY rating and price target of $75 as firm's quarter-to-date statistical analysis suggests that EBAY will again beat Q2 expectations.
Lattice Semi (LSCC) 22.23 -0.49: ABN AMRO initiates coverage with a ADD and a 6-12 month price target of $30; believes LSCC is the best investment in the PLD industry. |
